you know, it's early in the morning here in new york. in particular, just talk us through what changes would make nis as an asset class not attractive, in your view. >> well, the basic problem is that the u.s. treasury department has hated the municipal bond market at least since 1969. so they view themselves as providing a subsidy and that subsidy has an associated cost which currently they value at $30 billion. so it's one of the many items on the list that's a tax subsidy that many people would like to get rid of in washington without any regard, by the way, for the benefits the taxes of financing provide. so the mechanisms for limiting tax exemption are many and there's discussion of this in a variety of avenues. number one, you could make the entire market taxable, number two, you could build an america funds type program which we had around aara, where it was subsidized by the treasury department. there's been discussion of going to a full tax credit program which would make no sense whatsoever but it's been discussed. finally, the